I know everyone is a little unsure of whether now is really a good time to buy. So, here's what I said to my own son, and my niece when they both came to me about wanting to buy a home.
Buying a home today will still be better than waiting. That's it.
I had too many clients drop out in 2021 to "wait" for home prices to come down. Not only did home prices NOT come down...interest rates went up. And even with higher interest rates, home prices have not dropped the way many of those folks waiting it out thought they might, though they are dropping a bit. Today, many of them wish they had purchased instead of waiting. There is a reason we say, "The best time to buy was 5 years ago." Statistically, that still remains true.
If you find a home you like, in an area you want to live in, and you can afford the payment…my best advice is to buy it. The supply and demand scenario we're seeing nationwide right now was nearly 15 years in the making, so the likelihood that waiting another 6-12 months will make your purchase more affordable is slim. If you can afford it now, buy it now.
Now, I know everyone's situation is different, and I'm happy to talk specifics with you if you have questions! But in general, this is my best advice. And it's exactly what I'd say to my own family about the real estate market here in Rankin County.
- Leslie Ratcliff, Broker
